On December 18, Yu Minhong and Dong Yuhui conducted a live broadcast on the Dongfang Selection account.
In one day, Dong Yuhui completed the triple jump from "salesperson" to three new identities: "Senior Partner of Oriental Selection", "Cultural Assistant to the Chairman of New Oriental Education and Technology Group" and "Vice President of New Oriental Cultural Tourism Group".
On December 18, Yu Minhong and Dong Yuhui conducted a live broadcast on the Dongfang Selection account. Yu Minhong explained Dong Yuhui's three new identities.
"Dongfang's selection of senior partners has the right to speak about the company, which is equivalent to VP, and even has the color of shareholder status. The cultural assistant to the chairman of New Oriental Education & Technology Group is not just a secretary, but also the concept of assistant to the chairman." Regarding the role of vice president of New Oriental Cultural Tourism Group, Yu Minhong said that Dong Yuhui can give full play to his ability in this position.
In recent days, the "small composition" turmoil between Dong Yuhui and Dongfang Selection has continued to ferment, and the incident has been triggered by who detonated the "small composition", to the fans and Dongfang Selection to support Dong Yuhui, and then to Yu Minhong and the company's response many times, until today it has been implemented in Dong Yuhui's "identity".
In the process of Dongfang Selection's expanding influence, Dong Yuhui can be described as a key figure, and thus won a large number of fans and strong "empathy" in this incident, until he obtained the "new identity" certification.
Behind Dong Yuhui's new identity, a new role has emerged - New Oriental Cultural Tourism Group, which is New Oriental's "re-entrepreneurship" after Oriental selection. Shell financial reporters noticed that as early as July this year, New Oriental officially announced its entry into the cultural tourism track. According to the official plan, from now on, New Oriental will operate in three major areas: education, life, and cultural tourism.
Dong Yuhui has a "new identity"
After a few days, Dong Yuhui reappeared in the live broadcast room of Oriental Selection. At this point, the "small composition" turmoil of Dongfang Selection seems to be coming to an end.
On December 18, Yu Minhong and Dong Yuhui conducted a live broadcast on the Dongfang Selection account. Yu Minhong revealed that he will set up an independent studio for Dong Yuhui. He said that this is an independent platform, independent IP, and the income is included in Dongfang Selection to ensure the interests of Dongfang Selection shareholders, "If Yuhui leaves Dongfang Selection, the ownership of the account will belong to him." ”
In the early morning of December 18th, Oriental Selection released a live broadcast trailer saying that Yu Minhong and Dong Yuhui will conduct a live broadcast at 8 pm on December 18th, and on the trailer poster, Dong Yuhui's identity has changed to "Oriental Selection Senior Partner".
On the afternoon of the same day, Yu Minhong, the founder of New Oriental, issued the "Notice on the Appointment of Dong Yuhui" on social platforms, which showed that Dong Yuhui was appointed as the cultural assistant to the chairman of New Oriental Education and Technology Group and the vice president of New Oriental Cultural Tourism Group. Yu Minhong also said in the content comment area that Dong Yuhui will continue to select live broadcasts in the East and continue to serve everyone.
According to the official website of New Oriental, the chairman of New Oriental Education and Technology Group is Yu Minhong.
In tonight's live broadcast, Yu Minhong also explained Dong Yuhui's three new identities: "Oriental Selection Senior Partner", "Cultural Assistant to the Chairman of New Oriental Education and Technology Group" and "Vice President of New Oriental Cultural Tourism Group".
"Dongfang's selection of senior partners has the right to speak about the company, which is equivalent to VP, and even has the color of shareholder status. The cultural assistant to the chairman of New Oriental Education & Technology Group is not just a secretary, but also the concept of assistant to the chairman." Regarding the role of vice president of New Oriental Cultural Tourism Group, Yu Minhong said that Dong Yuhui can give full play to his ability in this position.
Yu Minhong also said that the title that Dong Yuhui got recently was something he had always wanted to give Dong Yuhui, but for some reason, it was not until the past two days that it could be realized.
Previously, in the live broadcast of the conversation on December 16, Yu Minhong said, "In the future, Yuhui will definitely have the right to speak in the career development and decision-making of Dongfang Selection." ”
As for why Dong Yuhui is willing to stay in Dongfang for selection? Yu Minhong revealed that the two of them have three common wishes. First, we are willing to lead everyone to see the world, second, we are willing to spread culture, and third, we are willing to go to agriculture. He said, "As long as the platform is bigger, it can be linked to personal interests and development." Yuhui believes that I can provide him with opportunities for development, and I also believe that together we can turn our inner feelings into reality." and promised in the live broadcast that Dong Yuhui will definitely have the right to speak in the future.
On December 17, Yu Minhong appeared at the 4th China Vocational Education Development Forum and responded to the "small composition" turmoil again: "When you rely on employees with huge ability to build your business model and development, you are working for employees, and the relationship between you and excellent employees must be changed. The boss must be willing to work for the employee and become a partner. ”
Today, Dong Yuhui's three new identities are also confirming that Yu Minhong has begun to fulfill his promises.
However, in the view of Internet industry analyst Zhang Shule, this is just a compromise with reality, Dong Yuhui is still an anchor, but he has the opportunity and platform to learn Xi management.
"As Yu Minhong, who has created a 'Chinese partner', his newly released definition of senior partner may symbolize a higher level than an executive, or even close to the role of a co-founder of the 'Chinese partner' style back then, and he has a certain right to speak, but what and how much he can manage depends on how much Yu Minhong delegates power, and Dong Yuhui, who is essentially an anchor and lacks management experience, depends on the improvement and transformation of his own ability, even if he becomes a cultural assistant or vice president of a cultural tourism group. Zhang Shule said.
Affected by the above news, as of the close of Hong Kong stocks on December 18, the share price of Oriental Selection rose 21.9%, with the latest market value of about HK $32.5 billion. New Oriental's U.S. stock rose about 10% premarket to $78.97 per share. Almost recovering the decline after the "small composition" turmoil.
It is difficult for the Oriental selection ship to make a big U-turn, and the multi-platform layout has not been effective
"The reason for the accident in Oriental Selection is that the thinking of the management team has not been reversed, and the traditional thinking is used to manage excellent employees, which can be maintained for a period of time by friendship, which ultimately causes the traditional management model to be unadaptable, which will inevitably cause shocks and changes. At the event on the 17th, Yu Minhong reflected on the "small composition" turmoil.
Previously, Dongfang Selection still seemed to only treat Dong Yuhui as a "sales champion". At present, the anchor team selected by Dongfang has expanded to more than 30 people, and anchors such as Dunton, Mingming, and Yoyo have become the objects of the company's support. An insider from Oriental Selection told the Shell Financial Reporter, "Most of the anchors are still the original teachers of New Oriental, and some of them were recruited later." "After the bilingual live broadcast came out of the circle, Dongfang Selection had urgently hired talents for bilingual anchors, English anchors, food anchors and other positions.
In September this year, Dongfang Selection positioned itself in the financial report as a live shopping platform focusing on carefully selecting good things for customers, a product technology company that continues to focus on the self-operated agricultural products of the Dongfang Selection brand, and a cultural communication company that brings customers a pleasant spiritual experience, rather than an MCN company.
Dongfang Selection does have a layout in terms of products. In FY2022, the gross profit margin of Dongfang Selection's live streaming e-commerce business was 37.8%, and one of the important influencing factors was the high gross profit of self-operated products. Since its launch, the proportion of Dongfang Selection's self-operated products in the total GMV has continued to increase. According to the financial report, in fiscal year 2023, the revenue of Dongfang's self-operated products and live broadcast e-commerce segment will be 3.9 billion yuan, of which the total revenue of self-operated products will exceed 2.6 billion yuan.
Oriental Selection has made a great contribution to New Oriental's performance. New Oriental has said in the report of the 2023 fiscal year that the company's revenue growth is mainly driven by new education business, Oriental selection of self-operated products and live broadcast e-commerce business. In fiscal year 2023, New Oriental achieved revenue of US$2.998 billion, down 3.5% year-on-year, and net profit of US$177.3 million, up 115% year-on-year, turning losses into profits.
As of August 31, 2023, New Oriental continued to be profitable in the first fiscal quarter of 2024, achieving a net profit of US$165.4 million, up 150.6% year-on-year. New Oriental CEO Zhou Chenggang said in the financial report that this quarter, it officially launched live events on Taobao and its own app. We continue to launch new self-operated products every month, and make breakthroughs in product categories ranging from food and beverage to daily necessities.
Since the end of last year, Dongfang Selection is still actively carrying out multi-platform layout. At the same time, it entered Taobao Live, and the anchor Dundun became the main promoter of Taobao Live, and entered the cultural tourism track, creating a model of "tourism live broadcast, cultural explanation, and special product delivery".
But as of now, there is still only one Dong Yuhui in Dongfang Selection, and Dong Yuhui has become the personified IP of "Oriental Selection". On Douyin, Dongfang Selection's topic has 32.8 billion views, while Dong Yuhui follows with 26 billion times, and even Yu Minhong's topic has only 6.6 billion views.
According to the statistics of Haitong International Securities, from August to December 2022, Dong Yuhui played a significant role in the improvement of the number of views and GMV of Dongfang Selection. By March this year, the average number of viewers of Dong Yuhui's live broadcast was 9.5 million, an increase of 31.6%, and the average GMV was 17.45 million, a growth rate of 35.8%, which was significantly higher than Dong Yuhui's GMV on the day of the live broadcast.
After the fermentation of this year's "small composition" turmoil, the number of Dong Yuhui's fans has risen rapidly.
As of 9:30 p.m. on December 18, Dong Yuhui's fans on Douyin have reached 21.712 million, and his fans have increased by more than 4 million in one day. The fans in the live broadcast room of Dongfang Selection also returned to 30 million due to Dong Yuhui's return, and in two days, the number of fans increased by nearly 1 million.
Promoted to vice president of New Oriental Cultural Tourism Group, can Dong Yuhui promote New Oriental's "third carriage"?
Dong Yuhui's appointment ushered in a new "assist" for New Oriental Cultural Tourism.
Shell financial reporters noticed that as early as July this year, New Oriental officially announced its entry into the cultural tourism track, and successively established new companies in Shanghai, Zhenjiang, Jiangsu, Fujian and other places. A large number of self-operated cultural tourism and research travel products have been launched, which are sold on the "New Oriental Cultural Tourism" account.
Yu Minhong once responded that entering the cultural tourism sector is natural and natural. The convergence point between the team and the cultural tourism industry is the deep logic of New Oriental's layout of cultural tourism. New Oriental's core competitiveness is "lecturing", New Oriental teachers will give lectures, Dongfang selected anchors will also give lectures, and the cultural tourism business will cultivate a group of "tour guides who can give lectures". "I do cultural tourism because I want to play and like to travel. Maybe in the process of playing, cultural tourism will be done. ”
On the evening of December 16th, in Yu Minhong's live broadcast room, Dong Yuhui said that he did not want to be a simple "seller" all the time, and Yu Minhong revealed that the communication with Yuhui was very smooth, and he would arrange to continue to do a series of things such as cultural tourism and writer interviews in the future.
Oriental Selection entered the cultural tourism sector earlier. At the end of 2022, Oriental Selection launched its matrix number "Oriental Selection to See the World", which entered Shanxi, Yunnan and other provinces in the form of "live broadcast + cultural tourism".
On December 10, New Oriental's cultural tourism products were officially launched on the Oriental Selection App. At that time, Oriental Selection told the Shell Financial Reporter that before the cultural tourism products were fully registered in Oriental Selection, New Oriental had finalized cooperation intentions with more than 100 companies and launched cultural and tourism products such as travel packages, attraction tickets, and hotel packages on the Oriental Selection App.
For New Oriental's vigorous development of cultural tourism, Zhang Shule believes that cultural tourism products are difficult to exclusive, unlike its agricultural products that are self-contained industrial chains, which are only an extension of a product line to some extent, which has a certain stimulating effect on user stickiness, but is not a necessary condition for member consumption.
Zhang Shule said, "Compared with Ctrip, Tongcheng and other old brands, New Oriental Group has its own obvious advantages and disadvantages: in the field of cultural tourism, Oriental Selection is not deeply integrated into the industrial chain, and there is a lack of control over the standardization of cultural and tourism services after sales, and the whole is still a sales front desk." As a result, Dongfang Selection is not the same as the vertical segmentation and long-term standardization of the old OTA platform in this field. ”
The advantage is that it uses intellectual content to promote cultural tourism products, which itself has a certain leadership at the content level, and can stick to users through "geography lessons", rather than the simple selling and price war of OTA platforms.
Beijing News Shell Financial Reporter Zhao Fangyuan Editor Chen Li Proofreader Jia Ning